BSACS EXAM PREP 104
QUESTIONS| WITH
PASSED SOLUTIONS
2024!!
BSACS
Evatee 10/1/24 BSACS
,BSACS EXAM PREP 104 QUESTIONS| WITH
PASSED SOLUTIONS 2024!!
What are the five pillars of an effective BSA/AML compliance program? Answer
- 1. Designation of a BSA compliance officer by the Board.
2. Provide for a system of internal controls to ensure ongoing compliance
3. Provide for independent testing to be conducted by credit union personnel
or outside parties
4. Provide training for appropriate personnel
5. Appropriate risk-based procedures for conducting ongoing member due
diligence
Who all is required to receive BSA/AML training? Answer - New staff, BSA
Compliance Officer, Board of Directors, and all appropriate personnel
True/False: BSA/AML training should be tailored to the person's specific
responsibilities Answer - True
How often does BSA training need to be conducted? Answer - Every 12 to 18
months
What records of the BSA training program do credit unions need to keep?
Answer - Records of training and testing materials, the dates of training
sessions and attendance records.
True/False: The credit union's board of directors is ultimately responsible for
the credit union's BSA compliance? Answer - True
, The BSA Officer must be knowledgeable of:
a. BSA, and related regulations
b. The credit union's products and services
c. The credit union's members
d. The credit union's neighborhoods
e. a&b
f. All of the above Answer - f. all of the above
True/False: If you are a small credit union it is acceptable to have the BSA
officer determine when a CTR is necessary, fil out the CTRs, and determine who
is eligible for a CTR exemption. Answer - False
Regulators recommend that independent test of your BSA program should be
done:
a. Annually
b. Every 12 to 18 months
c. Whenever necessary
d. Before each exam Answer - b. Every 12 to 18 months
Which of the following products and services could possibly pose a higher risk
for illegal activities?
a. Wire transfers
b. Monetary instruments
c. Traveler's checks
d. All of the above Answer - d. All of the above
QUESTIONS| WITH
PASSED SOLUTIONS
2024!!
BSACS
Evatee 10/1/24 BSACS
,BSACS EXAM PREP 104 QUESTIONS| WITH
PASSED SOLUTIONS 2024!!
What are the five pillars of an effective BSA/AML compliance program? Answer
- 1. Designation of a BSA compliance officer by the Board.
2. Provide for a system of internal controls to ensure ongoing compliance
3. Provide for independent testing to be conducted by credit union personnel
or outside parties
4. Provide training for appropriate personnel
5. Appropriate risk-based procedures for conducting ongoing member due
diligence
Who all is required to receive BSA/AML training? Answer - New staff, BSA
Compliance Officer, Board of Directors, and all appropriate personnel
True/False: BSA/AML training should be tailored to the person's specific
responsibilities Answer - True
How often does BSA training need to be conducted? Answer - Every 12 to 18
months
What records of the BSA training program do credit unions need to keep?
Answer - Records of training and testing materials, the dates of training
sessions and attendance records.
True/False: The credit union's board of directors is ultimately responsible for
the credit union's BSA compliance? Answer - True
, The BSA Officer must be knowledgeable of:
a. BSA, and related regulations
b. The credit union's products and services
c. The credit union's members
d. The credit union's neighborhoods
e. a&b
f. All of the above Answer - f. all of the above
True/False: If you are a small credit union it is acceptable to have the BSA
officer determine when a CTR is necessary, fil out the CTRs, and determine who
is eligible for a CTR exemption. Answer - False
Regulators recommend that independent test of your BSA program should be
done:
a. Annually
b. Every 12 to 18 months
c. Whenever necessary
d. Before each exam Answer - b. Every 12 to 18 months
Which of the following products and services could possibly pose a higher risk
for illegal activities?
a. Wire transfers
b. Monetary instruments
c. Traveler's checks
d. All of the above Answer - d. All of the above
